Catylist ID:
#30796462
Potential CDMU Multifamily - 76 Rooms - Market Street
Hospitality
for Sale
| Catylist Listing ID: | 30796462 |
| Property Subtypes: | Extended Stay |
| Number of Units: | 76 Units |
| Building Size (RSF): | See Agent |
| Gross Building Area: | See Agent |
| Gross Land Area: | 1.26 Acres |
| Sale Price: | $12,450,000 |
| Unit Price: | $163,815.79 Per Unit |
| Property Use Type: | Business |
| Name of Establishment: | Studio 6 |
| Franchised Business: | Yes |
| Franchise Parent Name: | Motel 6 |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 5/25/2022 |
Overview / Comments
|
This property is currently operating as a Studio 6 Suites. Located on Market Street this 76 unit extended stay hotel has the potential to convert to 76 efficiency units. The Hotel is located near entertainment (Carmike Cinemas, Capt Bills Volleyball Courts), Employment areas, Shopping both general retail and grocery (Food Lion, Dollar General, Tienda, City Trends, Walmart, Target). It is near fitness centers (Planet Fitness, Axis Fitness, The YMCA) and Urgent Care Facilities. This property is located on Highway 17 and has walkability, public transport and two entrances off of Highway 17 for inbound and out bound traffic. This hotel has gone through renovations and a rebranding recently. Currently Seller plans to finish the remaining 12 units so that all 76 units have a kitchenette, there are four handicap units as well on the ground floor for accessibility. Unit sizes range but the average unit size is 282 sf (23.5*12) Current zoning is Regional Business. Through a Commercial District Mixed Use or CDMU Use Change, with a set aside for Workforce housing as determined by the HUD High Home Rent Standards, the units which average 282 square feet. (See photos for improvements, ask for access to unlock the proforma for the units) On site guest and facility laundry, vending, guest reception / check in area and managers apartment. The property does not have a stormwater pond and no additions are sought to the structure. The property has 74 parking spaces, this is amount was a 1:1 but sellers have created two new units out of the manager suite. Additional striping can create the spaces if necessary. No sprinkler system. Electrical upgrades to allow for Stove/hotplate and refrigeration. There is a consent agreement on use in place, this however with a change of use from hotel to multifamily would cease. |
Attachments & Media
Additional Details
| Nearest MSA: | Wilmington |
| County: | New Hanover |
| Taxing Authority: | City of Wilmington and New Hanover County |
| Tax ID/APN: | R04914-005-012-000 |
| Zoning: | RB |
| Retail Clientele: | General, Family, Business, Traveler, Tourist, Recreation, Convention, Casino |
| Property Located Between: | Cinema and Barclay Hills Drive |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Market Street (Highway 17) |
| Feet of Frontage: | 152 |
| Traffic/Vehicle Count: | 62,512 |
| Highway Access: | Direct to Highway 17 (Market Street) |
| Airports: | ILM |
| Area Description: | Midtown Market Street, high traffic corridor with Retail, Restaurants, Entertainment, Parks, |
| Nearby Attractions: | Screen Gems Studios, Downtown Wilmington, University North Carolina Wilmington, Carmike Cinemas |
| Total Number of Buildings: | 1 |
| Number of Stories: | 2 |
| Property Condition: | Good |
| Year Built: | 1979 |
| Year Renovated: | 2021 |
| Construction/Siding: | Block |
| Exterior Description: | Two Story Walk up exterior corridor access |
| Total Parking Spaces: | 74 |
| Parking Type: | Surface |
| Parking Description: | Open parking field wrapping the property |
| Sprinklers: | Other |
| Laundry: | Shared |
| Heat Type: | Electricity |
| Heat Source: | Wall Units |
| Air Conditioning: | Package Unit |
| Internet Access: | DSL |
| Interior Description: | Several Room sizes exist on the property. 23.5*12 28.4*12 18.4*12 11*17 Buyers to measure and verify rooms sizes |
| Zoning Description: | Regional Business |
| Lot Frontage: | 150 |
| Lot Depth: | 380 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 13,119 | 75,870 | 128,538 |
| Median Age: | 27.15 | 34.14 | 36.22 |
| Households: | 6,234 | 32,516 | 55,038 |
Contact
| © Copyright 2001-2022 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Cape Fear REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions. |
